IN BRIEF: John Wood Group 'minded to recommend' reduced Sidara offer

John Wood Group PLC - Aberdeen, Scotland-based oilfield services and engineering consulting - Potential bidder Dar Al-Handasah Consultants Shair & Partners Holdings Ltd, known as Sidara, lowers indicative takeover offer to 30 pence per share from 35p, following the completion of due diligence. John Wood says its board ‘would be minded to recommend’ the reduced offer to shareholders. It has given Sidara an extension of the deadline to announce a firm intention to make an offer to the close of business on Thursday. John Wood says there is ‘commercial alignment’ between Sidara and Wood’s lenders on the terms for a proposed refinancing of its debt. However, it warns there is no certainty of the takeover offer being made by Sidara. John Wood rejected an offer from Sidara in August last year for 230p - and prior to that a 240p bid from Apollo Global Management - before Sidara returned in February this year with its 35p bid. In the meantime, concerns have been raised over John Wood’s financial statements, culminating in the launch of a formal investigation by the UK Financial Conduct Authority in June. Its shares have been suspended from trading in London since the end of April due to its failure to publish its 2024 results.

Current stock price: last quoted at 18.20p

12-month change: down 86%

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